Are you looking for a way to borrow money from your Coinbase account without having to sell your cryptocurrencies or take out high-interest loans? Look no further! With portfolio-backed loans on Coinbase, you can quickly and easily borrow money from your Coinbase account. Here's how:First, log in to your Coinbase app and tap on the loan option. Scroll down to select the loan amount you want, then tap 'Add Collateral'. You can choose the minimum, recommended or custom amount.
After that, follow the remaining instructions. Once you've set up your loan, you can view it by scrolling down and tapping on it. To make a payment, tap 'Make Payment'. To view your loan statements and agreements, scroll down and tap 'Statements and Loan Agreements'.Interest accrues daily based on the daily interest rate (calculated as APR) divided by 36 and the amount of outstanding principal on your loan. Paying the principal balance before the due date of the line of credit payment or the due date of the loan payment will result in lower overall interest payable.
Any amount paid before the first of each month will automatically be applied to the principal amount of the loan, which in turn will reduce overall interest payments. If you have enough funds available to cover your monthly loan payment, you can use USD in your Coinbase account to make an immediate payment. Alternatively, if you want to link a bank account for your loan payments, you'll first need to add your bank information and then verify your bank. While your monthly payments are due on the 10th of each month, your first payment will be due at least 30 days after your loan is approved. For example, if you applied for a loan on March 17, your first payment would not be due on the 10th of the following month (April), since it would be within 30 days of the date the loan was approved. Payments received before the 1st of each month will be applied to the principal amount of the loan and not to the monthly interest due. Should your loan health fall below 40%, Coinbase will sell just enough of its BTC collateral to bring your loan health to 50%, plus 2% of the total transaction. With portfolio-backed loans on Coinbase, customers can quickly borrow money from their Coinbase accounts without having to worry about high-interest rates or prematurely selling their cryptocurrencies.
So if you're looking for a way to borrow money from your Coinbase account without having to worry about high-interest rates or prematurely selling your cryptocurrencies, portfolio-backed loans on Coinbase are a great option.